The group led by François-Henri Pinault saw its revenue decline significantly (-14%) during the first three months of the year. With the exception of Bottega Veneta, all of its brands lost ground, with its flagship brand Gucci (-24%) suffering the most. However, its new creative director, Demna, has not yet had time to make his mark.
Kering, and in particular its flagship brand Gucci, disappointed again in the first quarter of 2025.
Its revenue fell by 14% on a reported and comparable basis to €3.9 billion in the first three months of the year. Sales at Gucci, which accounted for around 40% of the group’s sales (compared with 50.5% in 2023), plummeted by 24% on a reported basis (25% on a comparable basis) to €1.6 billion. In 2024, the group’s flagship brand had already collapsed by 21% on a comparable basis (including 24% in the fourth quarter).
Below expectations
The consensus of analysts compiled by Visible Alpha, cited by HSBC, had expected better for the first quarter of 2025 and had instead forecast an organic decline of 9.7% for the group and 19.3% for Gucci…
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Read also > Kering: a less dizzying fall than expected for its 2024 financial year
Featured photo: © Gucci
